What If I Can't Pay My Taxes on Time? Five Tips That Can Help

Kelly Phillips Erb

It can be pretty scary to realize that you're going to owe federal income taxes. Even though statistically, half of all taxpayers didn't owe anything in federal income taxes last year, tens of millions of taxpayers did owe the government. If you're one of those taxpayers who owes in 2010 -- but you're not sure that you can pay -- what do you do?

Your resource on tax filing
Tax season is here! Check out the Tax Center on AOL Finance for all the tips and tools you need to maximize your return.
Tax Tips After January 1, 2021
Your tax bill isn't chiseled in stone at the end of the year. Here are 10 tax tips and steps you can take after January 1 to help you lower your taxes, save money when preparing your tax return, and avoid tax penalties.
Read MoreBrought to you byTurboTax.com
The Ultimate Tax Preparation Checklist
Before preparing your taxes, go through the following checklist. You may be surprised at how much time you save by organizing your information beforehand.
Read MoreBrought to you byTurboTax.com
7 Requirements for the Child Tax Credit
The Child Tax Credit can significantly reduce your tax bill if you meet all seven requirements: 1. age, 2. relationship, 3. support, 4. dependent status, 5. citizenship, 6. length of residency and 7. family income. You and/or your child must pass all seven to claim this tax credit.
Read MoreBrought to you byTurboTax.com
Tax Deduction Wisdom—Should You Itemize?
Learn whether you should simply take the no-questions-asked standard deduction or if itemizing your deductions makes more sense. The standard deduction is always easier, but for one out of every four taxpayers, itemizing pays off with a lower tax bill. Browse this tax deduction overview to avoid paying more taxes than you actually owe.
Read MoreBrought to you byTurboTax.com